IRISH horseracing millionaires JP McManus and John Magnier, have increased their shareholding in Manchester United, the world's richest football club.

As exclusively predicted in yesterday's M.E.N, the pair, already the largest shareholders in the club, have responded to speculation they may sell their shares, by buying more.

An announcement to the stock exchange reveals that the pair, through their investment company Cubic Expression,have bought another 2.6 million shares and now now own 29.6 million or 11.4 per cent, of Manchester United's stock.

Last week United's shares fell nearly four percent after a newspaper report that the two Irish tycoons, racing associates of team manager Sir Alex Ferguson, might sell their shares after a fall-out with the Scot over the £30m signing of Rio Ferdinand.

Since then the shares have risen some 10 per cent on reports of interest from ardent United fanformer Football League chairman Keith Harris, and speculation that another Russian billionaire was examining a bid after Roman Abramovich took over rivals Chelsea last week.

A number of high profile investors have bought stakes in United in recent months to spark the takeover talk, including John de Mol, the Dutch media tycoon behind the Big Brother reality television series, and Malcolm Glazier, owner of Super Bowl champions Tampa Bay Buccaneers.

It is unlikely that the Irish duo will table a full bid for the club, who have let it be known that they see Manchester United as an undervalued stock in a troubled sector.

In the last three years the market capitalisation of the Old Trafford club has fallen from a high of £1bn to at one stage last year around £200m.

Takeover speculation and the company's excellent financial performance have pushed the shares higher and the business is now worth around £416m.

Manchester stockbroker Neil Harding, a director at Brewin Dolphin said: "I don't think anyone was really convinced that McManus and Magnier were sellers, but we are relatively surprised that they have added to their holding.

"I think they want to make sure they maintain their position if an offer is made for the club. It is clear that some people still believe the company is undervalued, even at this level. If you look at the order book in the morning, there are more buyers than sellers, which is driving up the price."